HONG KONG, Nov 3: Asian stocks followed Wall Street’s lead and closed mostly higher on Thursday in limited trade with five of the region’s markets closed for public holidays, dealers said.
They said the markets that were trading were bolstered by an easing of inflationary fears with oil prices continuing to settle below $60 a barrel.
Australia led gains and finished 1.29 per cent higher on a much improved outlook for the banking sector. New Zealand and Manila were also sharply higher while Seoul extended its rally on ambitious plans for Samsung Electronics.
Bangkok was helped by expectations that major companies will next week report better than anticipated profit results.
However, Taipei closed lower with profit takers cashing up on its recent rally and Hong Kong was flat after another round of interest rate hikes.
Tokyo, Singapore, Mumbai, Jakarta and Kuala Lumpur were closed.
HONG KONG: Share prices closed flat, with the latest increase in prime lending rates by local banks undermining sentiment towards property stocks.
Dealers said the banks’ 50-basis point hike, which was higher than the quarter of a percentage point rise in the US Federal Reserve’s key rate, raised serious questions about the outlook for the property market and the developers.
It was also noted that pre-sales of apartments have been slowing and the latest interest rate increase could hit sales further.
The key Hang Seng Index closed up 4.11 points at 14,601.59. Turnover was 14.94 billion Hong Kong dollars.
SHANGHAI: Share prices closed 0.87 per cent lower on still cautious sentiment with banks hit by profit-taking in the wake of recent gains and automakers sliding on earnings concerns.
Dealers said the market kept to a narrow range, with investors finding little further support in news the regulators are considering fresh rules to improve corporate transparency.
The Shanghai A-share Index fell 10.07 points to 1,151.42 on turnover of 7.49 billion yuan while the Shenzhen A-share Index dropped 2.07 points or 0.72 per cent to 278.07 on turnover of 4.47 billion yuan.
The benchmark Shanghai Composite Index, which covers both A- and B-shares, shed 9.52 points or 0.86 per cent at 1,095.27 on turnover of 7.51 billion yuan.
BANGKOK: Share prices closed 0.70 per cent higher as investors turned bullish on expected strong corporate results next week. Dealers said buying of stocks in small and medium-sized companies by domestic investors also supported the Thai market.
The Composite Index rose 4.91 points to 704.79, closing above 700 for the first time in two months. Turnover stood at 3.0bn shares worth 17.2bn baht traded.
MANILA: Share prices closed 1.22 per cent higher, extending gains on increased confidence in government policy after it began collecting a long-delayed expanded value-added tax (VAT).
Dealers said investors also bought stocks of companies that are likely to report strong third-quarter results, while a much stronger peso provided an additional boost to sentiment.
The Composite Index rose 24.58 points to 2,031.70. Turnover was 579.8 million shares worth 1.29 billion pesos (23.58 million dollars).—AFP
